What does Binance ban mean for UK customers?

But what exactly does the UK ban on Binance mean for customers? What has the regulator said? “Due to the imposition of requirements by the FCA, Binance Markets Limitd is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”

Can I still buy crypto on Binance in the UK?

While Binance is technically allowed to continue offering crypto trading to Brits, it was ordered by regulators to add a notice to its website saying it is not authorized to operate in the U.K.

What happens to my Binance account UK?

Binance, arguably the world’s biggest cryptocurrency exchange, has quietly resumed withdrawals in British pounds sterling (GBP) after halting the process in July amid a UK regulatory crackdown. In July, UK bank Barclays banned customers from transferring funds to the bitcoin exchange.

Should I move my crypto from Binance?

Originally Answered: Is it safe to leave cryptocurrencies on Binance wallet? Binance Wallet (Trust Wallet) is safe to store cryptocurrencies. Do not leave your funds on Binance Exchange.

Is Binance banned UK?

Cryptocurrency exchange Binance has been banned from operating in the U.K. by the Financial Conduct Authority, in the latest sign of a growing crackdown on the crypto market around the world.

What does the Binance ban mean?

The FCA banned cryptocurrency derivatives trading (which is offered by Binance) at the start of this year. It is concerned that cryptocurrencies are highly volatile and that derivatives trading (which allows investors to borrow to leverage the amount they invest) is too risky for retail investors.

Is Binance banned in the UK?

Cryptocurrency exchange Binance banned from operating in the U.K. by FCA. Cryptocurrency exchange Binance has been banned from operating in the U.K. by the Financial Conduct Authority, in the latest sign of a growing crackdown on the crypto market around the world.

Why is Binance being banned?

Financial watchdogs around the world have placed Binance under scrutiny in recent months, citing concerns over the use of cryptocurrencies in money laundering and the high-risk nature of its products.

Can Binance be trusted?

Is Binance Safe? Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa). On May 7, 2019, Binance experienced a major hack which resulted in 7000 Bitcoins stolen from the exchange.

Why did Binance get banned?

In June, its British arm, Binance Markets, was banned from doing regulated business in the country over concerns that it was not doing enough to prevent money laundering and other financial crimes on its platform.

Will the UK ban Cryptocurrency?

The UK has banned Binance Markets from any regulated business in the country, extending a global crackdown on crypto.

What does the FCA’s latest crypto crackdown mean for Binance?

From June 30, Binance must notify U.K. users of the FCA’s restrictions in a prominent place on its website and apps. It’s the latest sign of a growing crackdown on the cryptocurrency market from regulators around the world.

The FCA spokesperson clarified that the scope of the ban was limited. Though Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still interact with U.K. consumers. That means Binance could still offer Brits crypto trading through its website.

Is Binance markets limited in trouble?

The action taken on Binance Markets Limited has been in train for some time.” It comes just days after the Japanese financial regulator issued a consumer warning against Binance. It was the second time the country’s Financial Services Agency (FSA) warned about Binance after publishing an identical notice in 2018.

What does the FCA ban on Binance mean for Iban?

Business Account IBAN. “The FCA notice is in reference to permissions held by Binance Markets Limited which wouldn’t really constitute a ban,” Simon explained. Binance: “We Take a Collaborative Approach in Working with Regulators and We Take Our Compliance Obligations Very Seriously.”